Blue Star Ltd — Investor Presentation 2023

Aug 27, 2023

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August 27, 2023

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 BSE Scrip Code: 500067	National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 NSE Symbol: BLUESTARCO

Dear Sir/Madam,

Sub: Intimation under Regulation 30 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”)

Pursuant to Regulation 30 of the SEBI Listing Regulations, please find enclosed a presentation inter alia covering Company’s business overview and strategies.

The said information is also being made available on the website of the Company at www.bluestarindia.com

Kindly take the same on record.

Thanking you, Yours faithfully, For Blue Star Limited

RAJESH Digitally signed by RAJESH DIGAMBAR DIGAMBAR PARTE Date: 2023.08.27 21:43:15 +05'30' PARTE

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Rajesh Parte Company Secretary & Compliance Officer

Encl: a/a

\172.16.31.16\Legal and Secretarial Documents(01) Blue Star Limited\2023-24\Stock Exchange Compliances\Reg 30 - Information and Update\Investor Presentations.

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Investor Presentation

BLUE STAR

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August 2023
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Disclaimer

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This presentation and the accompanying slides (“Presentation”) does not constitute a prospectus, disclosure document, placement document, offering memorandum or an offer, or a solicitation of any offer, and should not be construed as, any present or future invitation, recommendation or offer, to purchase or sell any securities. This Presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities of Blue Star Limited (“Company”) or its subsidiaries (the “Group” and should not be used as a basis for any investment decision. No part of this Presentation nor the fact of its distribution should form the basis of, or be relied on in connection with, any contract or commitment to purchase or subscribe for any securities or make any investment decisions whatsoever. If there is any subsequent offering of any security of the Company, it will be made pursuant to separate and distinct offering documentation, and in such case the information in this Presentation will be superseded in its entirety by any such offering documentation in final form. In addition, as this presentation only contains general, summary, and selected information about the Company, it may omit material information about the Company and is not a complete description of the Company’s business and the risks relating to it. Therefore, this Presentation should not form the basis of any investment decision to purchase or sell the Company’s securities. Any decision to purchase securities in the context of an offering of securities (if any) should be made solely on the basis of information contained in the offering documentation published in relation to such offering. This Presentation is being communicated to selected persons who have professional experience in matters relating to investments for information purposes only and does not constitute a recommendation regarding any securities of the Company. Other persons should not rely or act upon this Presentation or any of its contents. This Presentation been prepared by and are the sole responsibility of the Company. This Presentation contains selected information about the activities of the Company as at the date of this Presentation, unless otherwise specifically mentioned. The information in this Presentation has been collected with the purpose to provide interested parties with information about the Company including but not limited to its business and operations. This Presentation does not purport to present a comprehensive overview of the Company or contain all the information necessary to evaluate an investment in the Company. This Presentation should be read in conjunction with the Company’s other periodic and continuous disclosure announcements, which are available at [Please add website address here]. The information contained in this Presentation is only current as of its date and has not been independently verified The Group will not update you in the event the information in the Presentation becomes stale. Moreover, both express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this Presentation.

None of the Group or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this Presentation Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this Presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Group.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation. Such information and opinions are in all events not current after the date of this Presentation. Certain statements, financial and operational information made in this Presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs, estimates and assumptions of the management of the Company, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. These estimates are based on management's past experience and subjective judgment, and the manner in which such estimates are determined may vary from that used for the preparation and presentation of similar information provided by other companies engaged in the sector in which the Company operates. Forward looking statements are based on the current beliefs and expectations of the Company regarding future events, and are subject to various risks and uncertainties, many of which are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, adverse litigation or government action, and changes to laws and regulations applicable to our industry.. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this Presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.

The information set out herein is provided only as at the date of this Presentation (unless stated otherwise), its accuracy is not guaranteed, and it may be subject to updating, completion, revision, verification and amendment without notice and such information may change materially. This Presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. This Presentation does not comply with the disclosure requirements prescribed by the Securities and Exchange Board of India (“SEBI”) or any other applicable authority in relation to a public issue of securities on the Indian stock exchanges. It should be understood that subsequent developments may affect the information contained in this Presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. This document is a summary only and it is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Company. This Presentation has not been and will not be reviewed or approved by any statutory or regulatory authority in India or any stock exchange in India or any other jurisdiction. You should conduct such independent investigations and analysis of the Company as you deem necessary or appropriate in order to make an independent determination of the suitability, merits and consequences of investments in the Company.

This Presentation does not constitute or form part of any offer to purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into the United States or in any other jurisdiction. None of the Company’s securities may be offered or sold in or into the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements under the United States Securities Act of 1933, as amended, and any applicable state or local securities laws of the United States.

The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement with regard to any investment. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, the accuracy, completeness or correctness of any information, including any forward-looking statements, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. You will be solely responsible for your own assessment of the market and the market position of the Company and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

This Presentation is based on information regarding the Company and the economic, regulatory, market and other conditions as in effect on the date hereof. Subsequent developments may affect the information contained in this Presentation, which neither the Company nor any of their Representatives are under an obligation to update, revise or affirm. This Presentation and its contents are confidential and may not be taken away, copied, published, disseminated, or reproduced or redistributed or passed on directly or indirectly to any other person, whether within or outside your organization or firm, or published in whole or in part, for any purpose by recipients directly or indirectly to any other person. This document is a Presentation and is not and should not be construed as an offer letter, offering circular, offering document, draft red herring prospectus, red herring prospectus, invitation, advertisement or prospectus as defined under the Indian laws, including the Companies Act, 2013 as amended and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended or any other applicable law in India.

This Presentation includes certain external industry data and projections that have been obtained from industry publications, surveys and forecasts. Accordingly, the Company and its respective affiliates, advisers and representatives make no representation as to the accuracy or completeness of that data, and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This data involves risks and uncertainties and is subject to change based on various factors. No representation or claim is made that the results contained in this Presentation will actually be achieved. All industry data contained in this Presentation is based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct.

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Table of contents

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Company Overview	Section 1
Business Segments Overview	Section 2
Historical Financial Performance	Section 3
Growth Strategies	Section 4

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Company Overview

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India based air conditioning, commercial refrigeration and MEP[1] contracting company

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Commenced operations in 1943 , Air conditioning, Maintains c. 2 million tonnes of Presence in
with c. 80 years of operations in Refrigeration and MEP air conditioning and
18+ countries [7]
India solution provider refrigeration equipment [7]
Plans to strengthen presence in 7 manufacturing facilities in
4,040 Channel Partners [7] 1,251 Service Associates [7]
USA, Europe and Japan India [7]
FY23 Total Income: ₹ 8,008 cr.
Market Cap: ₹ 14,300 cr. [4]
(YoY +31.3%) FY23 ROCE: 33.9% [5] 180+ employees in R&D [7]
Shareholders: Promoter
FY23 EBITDA: ₹ 493 cr. FY23 ROE: 30.7% [3,6] 10 patents granted in FY23
Group (38.91% stake)
(margin: 6.2%)
R&D Revenue by geography (FY23) End-markets
Residential
8%
After-sales Manufacturing Light Commercial
Integrated India
Business
Commercial
model International
Industrial
92%
EPC [2]
Trading
Contractor Infrastructure
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Note:

1. Mechanical, Electrical, Plumbing and Fire-Fighting 3. 20.3% without Thane property sales 5. ROCE: PBIT / Avg. (Net worth + Net Debt) RESTRICTED 2. Engineering, Procurement and Construction 4. As on 18[th] Aug 2023 6. ROE: Net profit after tax/ Average Shareholder’s equity

2. As at March 31, 2023

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Vision, Credo and The Blue Star Way

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The Blue Star Way

Vision

“To dream, to strive, to care and, above all to be the best in everything we do.”

• Be a company that is a pleasure to do business with

• Win out people’s hearts and minds

• Continuously improve shareholder value

• Give primacy to meritocracy and professional management

• Place the company’s interest above one’s own

• Conduct business with personal integrity and ethics

Credo

• Treat business partners as respected members of our organisation

“I am Blue Star. I take pride in - delivering a world class customer experience.”

• Encourage learning, experimentation and innovation in what we do

• Ensure high standards of corporate governance

• Be a good corporate citizen

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80 years of operations in India

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Commenced operations in

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1943, under the
proprietorship of Mohan T Started Went public & Air conditioned
Advani and incorporated manufacturing Thane plant first skyscrapers Mfg. Centrifugal Dadra plant
the company in 1949 Water Coolers inaugurated of Mumbai Packaged Chillers inaugurated
1943 / 1949 1997
Forayed into
Set up wholly residential AC
owned Forayed into Set up plant at Set up plant at
and set up
subsidiary in Product Wada 1 [1] and Himachal
second plant at
Dubai Adjacencies Himachal Pradesh Ahmedabad Pradesh
2017 2007 2005
Established subsidiaries in
the US & Europe
Launch of Localization and
affordable mfg. begins at Wada Set-up a subsidiary in
premium ACs 2 [1] & Sri City plants Japan for R&D Launch of Affordable ACs
2019 2021 2022 2023
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• (* Air coolers, Water Purifiers, Medical, Kitchen & Supermarket Refrigeration)

Note:

1. Wada plant address: Village - Vasuri Khurd, Khanivali Road, PO - Khupari, Taluka - Wada, District - Palghar RESTRICTED - 421 312

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Diversified B2B & B2C business with exposure to different end-markets

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1 Electro-Mechanical Projects & Commercial Air Conditioning Systems Central MEP After sales AC Division Projects services (CAD)

2 Unitary Products Cooling & Purification Appliances Group (CPAG)

Commercial Refrigeration Business Group (CRBG)

3 Professional Electronics and Industrial Systems

Med-Tech Industrial Solutions Solutions

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(MEP Projects, Central Air Conditioning Business, After Sales Service, Product Exports)

(Room ACs, Air Coolers, Air Purifiers, Water Purifiers and Commercial Refrigeration Products & Systems)

(Solutions and System Integration in MedTech, Industrial Systems and Data Security)

FY23 Revenue: ₹ 4,016 cr.

FY23 Revenue: ₹ 3,627 cr.

FY23 Revenue: ₹ 335 cr.

FY23 EBIT: ₹ 277 cr.

FY23 EBIT: ₹ 282 cr.

FY23 EBIT: ₹ 51 cr.

FY23 Capital employed: ₹ 391 cr.

FY23 Capital employed: ₹ 748 cr.

FY23 Capital employed: ₹ 42 cr.

Key customers: Commercial Buildings, Retail, Hospitals, Hotels, Education, Industrial Facilities, Data Centres, Metro Rail, Railways, Utilities

Key customers: Residential, Light Commercial - Shops / Showrooms, Icecream, Hospitality, QSRs (Quick Service Restaurants)

Key customers: Healthcare, Automotive, Aerospace, Steel, BFSI (Banking, Financial Services and Insurance)

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Increasing investments in Product Design and Development…

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Consistent R&D investments over the years

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₹ cr.
74
67
59
17
44
22
50 21
37
30 12
AHRI & NABL Lab
8
FY21 FY22 FY23 Q1FY24
Opex Capex
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R&D Facilities[1] Competencies

Established AHRI Blue Star Innovation certified Chiller Labs Center at Thane at WADA New R&D Center Satellite R&D Center near Mumbai under- in Japan underdevelopment development

• Variable speed  Virtual simulation technology  Alternate

• Inverter drive design materials  Heat pump technology  Industrial design  Low GWP[2] refrigerants

Air cooled and Water cooled chiller testing lab at Wada

1. As at March 31, 2023 2. GWP: Global warming potential

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…through building of Process, Capability & Technology…

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Infrastructure
Structured Approach Competency Building Technology Adoption
Development
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• New Product Development Process

• R&D Organization

• NPD Organization

• Involvement of key stakeholders

• Design software & tools

• Performance test labs

• Reliability test facilities

• IT systems

• Human resource key to success

• Skill development, evolving process

• Work with SMEs

• On-job training

• Objective - Focus on innovation and adaptation of new technologies

• Monitor tech trends

• Partnership with tech providers

• Initiate tech projects

Key Capabilities

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Established phase-gate new product development (NPD) process Enhanced capability in electronics for digital and smart products

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In-house capacity for testing and certification Capability development in variable speed technology, refrigerants & heat exchangers

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Focus on energy-efficiency and sustainability

Several patents for new products (46 patents filed for innovations and 39 patents filed for Design)[1]

1. FY23

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…which has resulted in successful delivery / execution of innovative / emerging products and segments on a sustained basis

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2019/20 2021 2022 2023
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2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023	2019/20 2021 2022 2023
Focus onpremium products Launched“affordable premium” products Introduction of“SMART” ACs and Water cooler Shift towardsvariable speed technology Full range of affordable, affordable-premium & premium products Inverter ducted Vth Generation VRF Side Discharge Rolled out c.70+cost- competitive range ofACs at attractive prices starting from ₹25,990/- for a 0.80TR Inverter AC “Super Energy Efficient”5.41 ISEER 5 Star smart with anti-virus tech VRF Lite Higher capacity Screw chiller Affordable ACs Introduced high efficiency oil-free centrifugal chillers Introducedall inverter platform Adopt Hydrocarbon refrigerants (Deep freezer & Visi-coolers) Introduced TCM leddeep freezer Energy efficient, Inverter technology based condensing units for cold room and deep freezers Mass production ofpremium deep freezers Platinum 2.0, storage water cooler- water purification variants Touchless (sensor based)storage watercooler 5-Starrange of deep freezers
Inverter ducted Higher capacity Screw chiller Introduced high efficiency oil-free centrifugal chillers		Rolled out c.70+cost- competitive range ofACs at attractive prices starting from ₹25,990/- for a 0.80TR Inverter AC		“Super Energy Efficient”5.41 ISEER 5 Star smart with anti-virus tech		Vth Generation VRF Side Discharge VRF Lite Introducedall inverter platform		Affordable ACs
Adopt Hydrocarbon refrigerants (Deep freezer & Visi-coolers)		Introduced TCM leddeep freezer		Platinum 2.0, storage water cooler- water purification variants Touchless (sensor based)storage watercooler		Energy efficient, Inverter technology based condensing units for cold room and deep freezers		Mass production ofpremium deep freezers 5-Starrange of deep freezers

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Continued investments in plants for capacity expansion

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Large scale investments in recent years to set-up/scale-up advanced manufacturing plants

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₹ cr.
1.6% 3.0% 5.3% 4.5%
427
180
101
71
FY21 FY22 FY23 Q1-24
% of Total Income Capex
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Plant at Wada for Commercial New Room AC plant Refrigeration in Sri city Capacity enhancement in Dadra New plant for Commercial AC and Wada plants planned in Sricity

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Sri City plant
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Wada plant
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Operates 7 plants in India for both domestic & export markets...

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Himachal Pradesh 2 Himachal Pradesh 1
Started: 2011 Area: 9,800m [2] Started: 2005 Area: 16,000m [2]
Key products: Water Key products: Manufacturing
coolers, heat Outdoor units of footprint of 130k
exchangers spilt AC and heat
exchangers (FTHX) square meter
coil
Ahmedabad Dadra
Started: 2007 Area: 9,360m [2] Started: 1997 Area: 12,000m [2]
Key products:
Key products:
Digital VRF units,
Deep freezers Over 300 models
inverter VRF ACs,
digital VRF units, manufactured across
inverter VRF ACs
25 product lines
Wada 1 Wada 2 Sri City Plant
Started: 2007 Area: 29,900m [2] Started: 2022 Area: 19,300m [2] Started: 2023 Area: 30,300m [2]
Key products: Scroll Key products: Key products:
chillers, Screw chillers, Chillers and Room ACs
Cold room panels, commercial
condensers and refrigeration products Intelligent I-Factory
evaporators ( Industry 4.0 : Robots,
Set-up after 2022 Set-up prior to 2022 IoT and digitalization)
Sri City plant brings Blue star closer to its customers in South India
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... and potential to replicate the India success and build the Blue Star brand in the Middle East & Africa (MEA)

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Shopping Centre – Dubai [1] Residential building – Dubai [2] Cinema – Dubai [3]
Products include:
 VRF
 Ducted systems
New regions
 Chillers
 Blue Star International
Existing regions FZCO at Dubai Airport Free
Zone (DAFZA), Dubai
manages businesses in the
 Cold Rooms
Middle East, Africa, ASEAN
and SAARC regions
 Exports to 18 countries
 Room ACs
Exploring opportunities in North America and Europe
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Exploring opportunities in North America and Europe

Note:

1. Revamp of Chillers; 3. HVAC refurbishment and upgradation works 2. Air conditioning work

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ESG principles are embedded in Blue Star’s business practices

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 Product energy-
efficiency
 Well-enumerated Code
of Conduct, Whistle  E-Waste compliance
Blower Mechanism and
in the Room AC
a Governance, Risk and
industry
Compliance policy
 Focused initiatives
 Integrated Vigil for reducing energy
Mechanism and water
Framework and consumption
integrated
 Focus on Circular
governance
Economy
pillars
Remains initiatives
committed at all
 Female employees time to the highest  Founding member
in the standards of ESG of the Indian
management endeavors Green Building
cadre Council
 Committed towards
 Focused initiatives on skill
having a diverse and
development and sustainable
inclusive workforce
development projects
 Philanthropic  AC&R training partner
initiatives in the for multiple institutes
areas of education and corporates
and healthcare
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Product & Plant Initiatives

Net zero road map

Consumption	FY22	FY23
Renewable energy % of total energy	5.7%	6.6%
Energy intensity per rupee of turnover (Gigajoule per million ₹)	1.05	0.95
Water intensity per rupee of turnover (₹)	2.55	1.97
2022-40 Carbon Footprint Mapping Reduction Targets Energy Efficiency Renewable Energy (1.0 MW) Carbon Footprint Logistics:Inbound / Outbound Employee Commute Disposal of Material Transfer Energy Zero Water Zero Zero Waste to Landfill
2022-40

Social Initiatives

• Factories are built to be 'green' in their  Energy-efficient Room ACs, VRFs, design, processes and operations Deep Freezers, and Screw Chillers

• c. 50% of factory workers in Sri City plant are woman

• Farmer families in Tamil Nadu are supported via Farmer Producer organization

• Use of eco-friendly refrigerants, tree-  Wada factory / Thane Innovation planting drives and reduce the Centre are Platinum rated by IGBC[1] . consumption of water and electricity Sri City factory applied for Gold rating

• Children in schools at Palghar benefits from digital education programme

• Employs Apprentices every year under the Central Govt.’s skill development Programme (NETAP)

Note:

1. Indian Green Building Council (IGBC)

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Strong governance is the key pillar of Blue Star through out its existence

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Board of Directors

Senior Management

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Shailesh Haribhakti Sam Balsara Independent Chairman Independent Director

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Anil Harish Anita Ramachandran Independent Independent Director Director

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P Venkat Rao President & COO EMP & Air Conditioning Solutions Group

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Shashi Arora President & COO Cooling & Purification Appliances Group

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Arvind K Singhal Rajiv R Lulla Independent Non-Executive Director Diretor

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Sunaina Murthy Dinesh Vaswani Non-Executive Non-Executive Diretor Diretor

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Nikhil Sohoni Group CFO

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Prem Kalliath CEO and Whole Time Director, Blue Star E&E Ltd.

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Vir S Advani* Vice Chairman & Managing Director

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B Thiagarajan* Managing Director

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Tom Overs CEO, Americas, Europe & UK

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V S Ashok CHRO

• Also a key management personnel (KMP)

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Industry recognition for achievements

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Corporate governance and management
Golden Peacock Award Winner of ICSI Best
Golden Peacock Award Great Place to Work –
for Corporate Governance Governed Company
for Risk Management Certified Organization
2019/2020/2021 2020/2022 (Listed: Medium) 2023
2019
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Industry expertise

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REFCOLD India Emerson
Best Water R&D and
MEP Contractor of the Technological Multiple CII National Awards for First Runner-
Year Breakthrough-Domestic Manufacturing Awards up under Innovative
2017-2023 2022 Refrigeration Product2022
Best Customer Service
IAQA Membership
NEBB Certified ISO 9001-2015 Certified Certified Initiative of the Year
2022
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Certified R&D capabilities
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Wada Plant receiving the
AHRI Certified for Air AHRI Certified for Water NABL ISO 17025 Certified IGBC Platinum
Cooled Chiller Lab Cooled Chiller Lab Lab for Testing Certification under 'Green
Factory Building' category
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Business Segments Overview

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Segment 1: Electro-Mechanical Projects & Commercial Air Conditioning Systems

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Electro-Mechanical Projects Group

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• Design, Engineering, Procurement and Construction (EPC) of Mechanical, Electrical & Plumbing (MEP) systems for commercial buildings, industrial facilities & infrastructure projects

• Winner of ‘MEP Contractor of the year’ seven times in a row (2017 to 2023)

• Increasing order inflows from emerging segments including Metro Railways, Healthcare facilities, Factories, & Data Centres

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Large central AC &
Plumbing projects Electrical projects
ventilation projects
Fire-fighting Railway
Water projects
projects electrification
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Segment wise breakup

Carry forward order book %

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8% Others
18%
7%
8% Water MEP
16%
14%
Healthcare
13%
18%
5%
Railway Electrification
22% Industrial
48%
Metro Rail
23%
Commercial Buildings
FY19 FY23
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Representative Projects

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Data Centre - Noida Stadium - Qatar
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Metro Rail project
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Mall - Malaysia
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Factory - Cuttack
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Central Air Conditioning Systems

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• Complete range of energy efficient QCO compliant packaged and ducted split air conditioning systems

• Next generation inverter based ducted systems and inverter heat pump air conditioning systems

• Top discharge VRF systems from 7 HP to 112 HP. Designed for Indian conditions – 100% capacity at 43’C and non-stop cooling 56’C

• Side discharge VRF systems from 4 HP to 16 HP, VRF lite from 4 HP to 6 HP for residential applications

• Star labelled air cooled and water cooled scroll chillers from 10 TR 78 TR

• Configured series air cooled and water cooled screw chillers from 70 TR to 600 TR range

• Configured series oil free magnetically levitated centrifugal chillers from 70 TR to 450 TR

• Configured series water cooled fixed speed and VFD based centrifugal chillers 450 TR to 1000 TR

• Intellectual Property across product range is all owned by Blue Star

• 660 Dealers in 218 towns[1]

• Customer base spread across all segments with contributions from government, healthcare, industrial, hospitality, educational and builders & developers

 High ambient performance  A broad range of VRFs for all applications – 4HP VRF V Plus 5th Gen Side VRF Lite to 112HP System Discharge VRFs  QCO compliant products  Full range of Inverterbased systems Ducted splits

 3 Star Inverter scroll chillers and 5 Star VFD Screw Chillers  Introduce high efficiency Air-Cooled & Water-Cooled Screw oil-free chillers chillers and Inverter Scroll chillers  Recently launched centrifugal chillers  High-efficiency inverterbased systems Large Capacity Oil-free chillers Configured Series- Screw chillers Centrifugal chillers

Note: HP: Horse Power; TR: Ton of Refrigeration; QCO: The Quality Control Order 1. As at March 31, 2023

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After-sales Service

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Maintaining c. 2 million tonnes of air conditioning and refrigeration equipment Extensively expanded service reach to Tier 2, 3 & 4 towns Currently handling c. 3,900 towns with > 1.2 million service calls a year Focus on same day installation ISO 9001-2015 and ISO 45001 certified Operates remote monitoring centre at Thane Accreditations from TAB, NEBB, CMVP, IAQ and NADCA

Digital infrastructure

Customer care app enables customers and channel partners with ease for logging service requests, which gets tracked and follows auto escalation mode, supporting quick resolution Field service technician app enable technicians to update & closure of breakdown & PMS tickets through their mobile, all parameters are digitally recorded and stored

Knowledge Management system – Star Vault enables us to centrally store, manage and retrieve business critical documents and SOP’s

Select end-markets

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Air conditioning
PSU / Govt. Industrial Hospitals
Automotive Infrastructure
Refrigeration
Dairy QSRs Retail
Pharma Healthcare
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Segment 2: Unitary Products Segment

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Cooling and Purification Appliances

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Room Air conditioners

Wide range of premium, affordable premium and affordable split ACs with superior build quality

Installed base of over 2.5 million units

Products available in c. 8,000 outlets in more than 650 locations

Focus on inverter technology, energy efficient products and ACs with purification technology

Launched a range of differentiated models including ‘ Super Energy-Efficient ACs,’ ‘Heavy-Duty ACs,’ ‘Smart ACs,’ ‘ACs with Hot & Cold Technology

Wide range of Air conditioners

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Fixed Speed Split AC
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Inverter Split AC

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Window ACs
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Portable ACs

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Super energy efficient ACs

SMART ACs

Serves the residential and light commercial markets

Other categories

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Air Coolers
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Water Purifiers
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Heavy Duty ACs
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Hot & Cold ACs
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Commercial Refrigeration

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Wide range of commercial refrigeration products

Wide range of solutions for food preservation – deep freezers, modular cold rooms and super market and commercial kitchen refrigeration

Wide range of water cooler products

Commissioned a new manufacturing facility in 2022 for a new series of hardtop and glass top deep freezers

After sales service is a critical requirement and is an integral part of the business

Serves customers across Ice-creams, food & beverage, retail, restaurants and QSR chains

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Deep Freezers Bottle Coolers Cold Rooms
Visi Coolers/ Bottled Water Commercial Kitchen
Freezers Dispensers Refrigeration
Storage Ice Cubers/ Medical Refrigeration
Water Coolers Flakers
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Segment 3: Professional Electronics & Industrial Systems

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Professional Electronics & Industrial Systems

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Managed by wholly owned subsidiary, Blue Star Engineering & Electronics (Blue Star E&E)

Lines of Business

• Operates in three broad segments: MedTech Solutions, Data Security Solutions and Industrial Solutions

Provider of advanced technology products as well as system integrated solutions

Has set up its new medical diagnostic equipment refurbishment facility at Bhiwandi

Advanced Technology Products

Customized Testing Products

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MedTech Solutions
Data Security
Solutions
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Data Security
Solutions
Industrial Solutions
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Turnkey Engineering Solutions Value-added services

• Non-Destructive Testing  Material Testing Systems

• Solutions

• Warehouse Automation  Metrology Solutions

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Historical Financial Performance

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Key segment financial performance

Electro-Mechanical Projects and Central Air Conditioning Systems Segment[1]

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Revenue (₹ in cr.)

EBIT (₹ in cr.)

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4.8% 6.1% 6.9%
277
4,016
3,204
195
2,219
5.7% 7.0%
106
949 67
797
45
FY21 FY22 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 Q1FY23 Q1FY24
Capital Employed (₹ in cr.) Return on Capital employed [2] (%)
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76.5%
527 71.5%
424
391 51.5%
333
308
24.4%
FY21 FY22 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 LTM Jun 23
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Key highlights

Electro-Mechanical Projects

• Diversified into new segments such as industrial, data centers, railway electrification, water MEP projects, etc., to de-risk dependence on commercial real estate projects

• Business process reengineering to improve efficiencies in tendering, procurement and execution processes and enhanced commercial controls which have started paying dividends

Central Air Conditioning

• Expansion of product portfolio coupled with distribution expansion and realignment of focus towards emerging customer segments such as pharma and healthcare have contributed to growth

• Revenue growth and the consequent scale impact, improved product mix, coupled with design-led value engineering initiatives have aided margin improvement

% of revenue

Notes: RESTRICTED 1. Latest reclassified reported figures are shown wherever applicable 2. PBIT / Avg. (Net worth + Net Debt) and ROCE for Q1FY24 as Trailing 12 months PBIT / Avg. ( Net worth + Net Debt)

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Key segment financial performance

Unitary Products Segment[1]

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Revenue (₹ in cr.)

EBIT (₹ in cr.)

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5.8% 6.0% 7.8%
3,627 282
2,612
8.1% 7.5%
156
1,868
109
1,128 1,198 91 89
FY21 FY22 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 Q1FY23 Q1FY24
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Capital Employed (₹ in cr.)

Return on Capital employed[2] (%)

Key highlights

Room Air Conditioners

• Revenue growth driven by product portfolio diversification to affordable premium and affordable ranges

• Higher focus on North India markets and making the brand relevant in Hindi speaking markets has helped grow market share

• Increased share of own manufactured products, backward integration initiatives and focus on optimizing costs across the value chain helping to sustain margin in a highly competitive market

Commercial Refrigeration

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748
696
656 49.4%
439 40.8% 40.2%
229 35.2%
FY21 FY22 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 LTM Jun 23
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% of revenue

• Revenue growth driven by increase in out-of-home consumption, growth of organized retail, increasing investments in healthcare infrastructure and focus on reducing wastage across the value chain from farm to plate

• Wide product portfolio with offerings across the value chain and in multiple segments also enabled revenue growth

• Focus on higher levels of indigenization coupled with total cost management initiatives has enabled margin improvement

Notes: RESTRICTED 1. Latest reclassified reported figures are shown wherever applicable 2. PBIT / Avg. (Net worth + Net Debt) and ROCE for Q1FY24 as Trailing 12 months PBIT / Avg. ( Net worth + Net Debt)

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Consolidated financial performance

Key performance indicators[1]

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EBITDA (₹ in cr.)

Total Income[2] (₹ in cr.)

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5.5% 5.7% 6.2%
8,008
493
6,100
346
4,326 6.2% 6.5%
240
2,235 145
1,988 123
FY21 FY22 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 Q1FY23 Q1FY24
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PBT before exceptional items (₹ in cr.)

Carried forward order book (₹ in cr.)

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3.4% 4.1% 4.8%
5,359
385 5,042
3,901
251 3,253
5.1% 5.1% 2,952
148
114
101
FY21 FY22 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 Q1FY23 Q1FY24
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Key highlights

• With the growth trajectory across segments in which the company operates, all financial parameters surpassed pre-pandemic levels

Wide AC&R solutions portfolio for both B2B and B2C markets helped navigate the challenges posed by the pandemic related disruptions and seasonal nature of the unitary products segment

Diversification into new and emerging customer segments and a pickup in the construction cycle post the pandemic enabled growth in the order book

Design-led value engineering, indigenization, higher levels of backward integration, enhanced efficiencies in job execution practices and continued focus on cost management initiatives have enabled margin improvement

% of total income

Notes:

1. Latest reclassified reported figures are shown wherever applicable 2. Includes other income

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Consolidated financial performance (cont’d)

Key performance indicators[1]

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Earnings Per Share (₹ share)

Dividend per share[6] (₹ share)

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38.5% 57.5% 28.8% 28.8%
41.6 [2]
12.0
10.0
20.8
6.0
17.4
4.0
10.4
3.9 [7] 4.3 [7]
FY21 FY22 FY23 FY23 Q1FY23 Q1FY24 FY21 FY22 FY23 FY23
Pre Bonus Post Bonus Pre Bonus Post Bonus
Return on Equity [3] (%) Return on Capital employed [5] (%)
33.9% 33.9% 34.2%
30.7% [4]
16.8% 26.9%
11.6%
FY21 FY22 FY23 FY21 FY22 FY23 LTM Jun 23
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Key highlights

• Consistently rewarded shareholders by way of regular dividend payouts

• Despite significant investments in manufacturing capacity expansion, continued focus on margin improvement and working capital efficiency enabled improvement in ROCE

Dividend Payout ratio[6]

Notes:

1. Latest reclassified reported figures are shown wherever applicable 2. Rs27.15 without Thane property sales

2. ROE: Net profit after tax/ Average Shareholder’s equity X 100

3. 20.3% excluding the impact of gain on sale of the land parcel at Thane 5. ROCE: PBIT / Avg. ( Net worth + Net Debt) and ROCE for Q1FY24 as Trailing 12 months PBIT / Avg. (Net worth + Net Debt) 6. Dividend payout: Dividend per share/Earnings per share; Dividend is based on the year of declaration RESTRICTED 7. Adjusted with bonus issue

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Consolidated financial performance (cont’d)

Key performance indicators[1]

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Net debt/Gross debt [3] to equity ratio
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Capex (₹ cr.)

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0.5 0.5
1.6% 3.0% 5.3% 4.5%
0.4
0.4
427
0.3
0.2
0.2
180
0.1
- [2] 101
71
FY21 FY22 FY23 Q1FY23 Q1FY24
(0.2)
FY21 FY22 FY23 Q1FY24
Net Debt/Equity Gross Debt/Equity % of total income
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Key highlights

• Have increased capital investments in manufacturing capacity, R&D and Digital as a part of our growth plans; important for supply chain resilience and for competitiveness

• Monetization of certain assets in the last 3 years and good operating cash flows helped restrict the increase in borrowings despite investments in manufacturing, digital and R&D capabilities

Working capital days

Cash flow operations as % of EBITDA

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₹360cr. ₹126cr. ₹340cr.
150%
98
78 76
71
63
60
69%
36%
2021 2022 2023 FY21 FY22 FY23
Inventory days4 Receivables days 5
CFO in ₹ cr.
Notes:
1. Latest reclassified reported figures are shown wherever applicable 4. Inventory turnover (no. of days) = Average Inventory / Cost of goods sold for the period X 365
2. Net positive cash position 5. Trade receivable turnover (no. of days) = Average debtors / Turnover for the period X 365 RESTRICTED
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1. Gross Debt includes Long term and Short term borrowings

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Growth Strategies

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Growth Strategies

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Grow faster than the market

Grow faster than the market	Leverage new manufacturing, PLI and plant efficiency to profitably grow the affordable range of products Introduce differentiated productsin the premium segment Deepen distribution reach Strengthen the brand salience in HSMs1 Improve customer experience throughout the lifecycle with digital Room Air Conditioners	Central Air Conditioning Stay ahead of the curve to adopt modern technology Design-led value engineeringfor introducing products at all price points for the commercial segment Grow in the light- commercial and residential segmentswith innovative products Deepen distribution reach	Indigenize the full range of deep freezers Continue towiden the product portfolioin line with consumption trends Make after sales service a key differentiator Scale adjacencies inretail, healthcare and kitchen refrigeration Commercial Refrigeration	Grow beyond the traditional buildings segment, viz. factories, data centers, metro rail, rail electrification and water Focus on engineering-based complex projectsto ensure profitability Implementation of superior project deliveryto optimize cash flow and manage risk MEP business	Consolidate position in the Middle East & Africa HVAC&R marketthrough product portfolio enhancements, deeper distribution reach and brand building investments Make an entry into the North America and Europe marketswith a Technology IP-led original design & manufacturing model Geographic Expansion

Notes: 1) HSM: Hardware Security Modules

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Growth Strategies (cont’d)

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Improve profitability

• Drive scale and achieve higher operating cost leverage

• Strengthen product innovation and investments in R&D for designing-to-value and introducing differentiated products at all price points in key product categories – Room ACs, VRF and Deep Freezers

• Focus on indigenization and backward integration across all product businesses and growth in manufacturing footprint

• Cross deploy and institutionalize Total Cost Management (TCM) culture across the businesses

• Leverage digital for process innovation and operational efficiency

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Growth Strategies (cont’d)

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Focused approach

Continue ESG focus

• AMA Innovation Centers in Mumbai and Japan

Intellectual  Capability building and scaling up of R&D manpower Capital  Investing in world-class Simulation and Testing

  - Maintain efficiency in the areas of **energy, ozone depletion, global warming mitigation measures and e-waste management**

  - **Pursue Circular Economy** in business operations

• Be the preferred employer in the HVACR industry

• Build a pipeline for Blue Star @100

• Human  Focus on capability building and commit to continuously upskilling and reskilling across

• Capital extended organization of dealers, suppliers and business partners

• Improve diversity and inclusion in the organization

• Use digitalization to enhance customer experience and operational effectiveness

  • Maintain the highest Governance standards

  • Social Strategy around gender diversity in senior management and supplier diversity

  • Focus on the Net Zero Mission that began in 2022 and continue to assess the carbon footprint of its various establishments including factories

  • CSR focus on related to vocational training and skill development in the areas of health, hygiene and wellness

• Digital  Embrace Industry 4.0 with the objective of creating Capital smart factories

• Enhance information and cyber security with a ‘Cloud First’ strategy

 Optimal capital allocation , value creation and Financial financial discipline Capital  Focus on affordable capital structure and working capital efficiencies

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Conclusion

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Focused, technology-led HVAC&R player
Track record of growing the business
Investment led strategy to improve profitability
Strong leadership and a committed team supported by
strong governance
Continue ESG focus
We welcome you to partner with Blue Star in our journey!
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